Lateral Flow Assay Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2029
Global Lateral Flow Assay Market – Overview
The high prevalence of infectious diseases globally, rapidly aging population, growing demand for point-of-care testing, and home-based lateral flow assay devices are the major factors driving the growth of this market. In the optimistic scenario, it could be assumed that the COVID-19 pandemic has created a highly positive impact on the overall lateral flow assays market. The lateral flow assays market has been positively impacted by the COVID-19 pandemic, as the need for rapid diagnosis of the coronavirus infection has been the focus since the inception of the pandemic outbreak
Global Lateral Flow Assay Market – Notable Developments
Some of the key developments in the global lateral flow assay market are given below:
Global Lateral Flow Assay Market – Drivers and Restraints
There are multiple factors that are responsible for the overall development of the global lateral flow assay market. In recent years, in spite of considerable improvements in the field of medicine and sanitation, the worldwide prevalence of infectious disease is still a big problem for mankind. Even though non-communicable diseases are the leading reason of the mortality and morbidity, infectious diseases are still a huge public health concern across the world. As per the National Institute of Allergy and Infectious Diseases, each year, infectious diseases claim over 15 million lives across the globe. All such factors are thus helping to drive the overall development of the global lateral flow assay market in the coming years of the forecast period.
However, there are some factors that might impeded the development of the global market in the near future. One of the key restraining factors for the market growth has been the lower accuracy of these lateral flow assay tests. Even though these lateral flow assay test are easy and economical to perform, they have lower accuracy. These lead to several instances of false negatives. As such, there can be delay in determining the actual cause and effect of the problem. Thus, such things can impede the market development in the coming years of the forecast period.
Global Lateral Flow Assay Market – Geographical Outlook
Based on the regional segmentation, the global lateral flow assay market has been segmented into five key regions. These regions are Latin America, Middle East and Africa, Asia Pacific, Europe, and North America. Of these, currently the global lateral flow assay market is being dominated by the regional segment of North America. The growth of the regional market is projected to provide lucrative growth opportunities because of the presence of numerous large hospitals and healthcare systems, changing resolutions, and the increasing geriatric population in the US. A large majority of international players are also based out in the US, because of which the country has become the center for innovation in the lateral flow assay market. The on-going Covid-19 pandemic has further helped the development of the market as more money was poured in for the research and development activities. All such factors are thus contributing for the overall development of the North America lateral flow assay market.
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